Our offer was accepted on Feb 14th. Paperwork was sent to the FHA underwriter on Feb 20th. Closing date was supposed to be March 20th.
Today is March 30th. We have a new closing date for April 2nd. We have not had a final determination concerning the loan. And there is no way that we can close on the 2nd.
We were pre-approved before we went house hunting. Our loan is for 15% less than what we qualified for.
Basically what is holding the loan up is the verification of income. How long do they take to get verification of income?
How long can the FHA take to make a final determination on a mortgage loan. Remember that the home owners are also waiting.
I have spoken with the loan officer at the bank and the bank’s underwriter SEVERAL times by phone and e-mail over the last 6 weeks.
You’re still not closed, I see.
There is absolutely no law about how long the underwriting can take.
Your loan officer seems to be an absolute idiot though. He had 6 weeks to get your income verification. That can take anywhere from 1-5 days, depending on what you are able to provide, and how quickly your employer returns our verification request documents. He had plenty of time, and obviously didn’t do it.
I would be pushing them to pay for any and all expenses you’ve incurred by this delay. And I’d make them drop their fees substantially to make up for your time and trouble.
I am assuming you are dealing with a broker, one that does not have Direct Endorsement from HUD. So they’re at the mercy of their investor’s underwriters, as far as timing goes. And most brokers don’t have a clue about how to properly handle FHA loans at all.
Sorry to hear you’re still having trouble.
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